Specialty Resins Market – Snapshot
Specialty resins are types of resins that have special properties and that are used in a variety of applications. Due to their advanced properties, specialty resins are costlier than the conventional resins. Specialty resins are produced at a low volume. Engineering plastics or engineering resins come under specialty resins. Specialty resins offer excellent chemical resistance, water resistance, and excellent performance at extreme temperatures. Specialty resins are key ingredients used in the processing of various types of paints and coatings, which are then employed in a variety of end-use industries. These resins impart significant characteristics to finished coatings such as strong adhesion, thermal stability, corrosion resistance, and enhanced durability. Specialty resins are widely used in industries such as building & construction, automotive, marine, furniture, and electronics. These resins are also employed in the aerospace industries for the processing of aircraft composites.
In terms of product, the global specialty resins market has been divided into vinyl, epoxy, polyamides, unsaturated polyester resin (UPR), and others. Every type of specialty resin has a specific function and they are used in different end-use industries. Out of all types, epoxy resins are most commonly used, due to their excellent properties such as high chemical and thermal resistance. Specialty epoxy resins is a highly versatile family of specialty resins that are used as binders for coatings, adhesives, sealants, and matrices for composite materials. Specialty polyamide resins include specialty nylon resins, which are used in car parts. They are also employed to protect sensitive electronic components. Specialty polyamide resins are also available in medical grades. Thus, different types of specialty resins are useful for different applications.
Based on region, the global specialty resins market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the global specialty resins market, in terms of both value and volume. Consistent use of specialty resins in the production of composite materials and adhesives in the region makes Asia Pacific a leading market for specialty resins. North America is expected to offer higher growth potential to the specialty resins market compared to Asia Pacific in the near future. This can be ascribed to growth of end-use industries in North America such as water treatment, aerospace, and marine.
Growth of the building & construction industry, followed by the automotive industry, is a major factor driving the market for specialty resins. Versatile properties of specialty resins make them a material of choice for the building & construction industry, as these resins have excellent thermal resistance, high chemical resistance, high hardness, and high UV resistance. The outlook for the global construction industry appears positive. This is boosting the demand for unsaturated polyester resins (UPRs). Building & construction is one of the rapidly expanding industries in Asia Pacific. Usage of specialty resins in adhesives, sealants, and coatings (architectural, decorative and protective coatings) is essential to meet quality requirements of the building & construction sector in Asia Pacific. Improvement in standards of living, rise in the disposable income of consumers, and increase in urbanization are major factors fueling construction activities in the region. Specialty resins offer high resistance to temperature and excellent chemical resistance. Hence, a large amount of resins are anticipated to be used in construction of infrastructure projects as well as residential and non-residential buildings in the near future. Heat-resistant adhesives processed out of specialty resins (especially, epoxy and amino resins) make the structural lumber used in commercial buildings an attractive alternative for concrete and steel. China accounted for a leading share of the construction sector in Asia Pacific in 2017. It was followed by India. Demand for specialty resins is anticipated to increase in the residential segment of the construction sector in the near future, due to growth in urbanization and rise in population. India is expected to be a rapidly expanding sector for building & construction during the forecast period, owing to rapid development of infrastructure coupled with governmental support. Furthermore, growth of infrastructure and commercial segments of the construction sector in Indonesia, Thailand, and Singapore is estimated to offer significant growth opportunities to the specialty resins market in the next few years.
Key players operating in the global specialty resins market are focusing on capacity expansion and mergers, which is likely to propel the market during the forecast period. On April 9, 2018, DowDuPont announced its plans to make a series of investments totaling approximately US$ 100 Mn in capacity expansion for specialty resins and additives in the next two years in order to expand its manufacturing facilities and modernize facilities at its Sabine River Works (SRW) plant in Orange County, Texas (the U.S.). Major manufacturers of specialty resins include DowDuPont, Purolite, Mitsubishi Chemical Holding Corporation, and Huntsman International LLC. These companies offer various types of specialty resins such as vinyl, epoxy, polyamide, and UPRs.
Specialty Resins Market - Overview
Specialty resins are a high-performance class of resins that are manufactured to provide superior thermal and chemical resistance to materials in which they are used. Specialty resins are of types such as epoxy, vinyl, polyamides, UPR, and others. Out of all the resin types, epoxy is the most used resin because of its outstanding performance and resistance. Specialty polyamide resins, an important class of specialty resins, is a type of high-performance polyamide resin that delivers toughness, flexibility, chemical resistance, and permeation resistance. Specialty polyamide resins include specialty nylon resin, which is used in car parts. It is also employed to protect sensitive electronic components. Specialty polyamide resins are also available in medical grades. Unsaturated polyester resins are condensation products of unsaturated acids or anhydrides and diols with/without diacids. The unsaturation present in this type of polyesters provides a site for subsequent cross-linking. Specialty polyester resins are resistant to fire and electricity. Due to these properties, these resins are used in electric equipment, building panels, navy boats, and printed circuit boards. Others types of specialty resins include ion-exchange resins and ionomer resins. In water treatment, ion-exchange resins are used for the removal of certain metals from industrial and municipal wastewater.
Based on end-user, the specialty resins market has been divided into building & construction, automotive, water treatment, marine, electrical & electronics, aerospace, and others. Building & construction is a key end-user segment of the global specialty resins market. It is followed by the automotive segment. Specialty resin is the key ingredient of paints and coatings. The automotive industry relies on specialty resins to protect critical components and impart a unique and stylish appearance. These resins provide high performance and are used in the interior and exterior metal and plastic components. Specialty resins provide a matte finish to the vehcile. Specialty epoxy resins are used in lightweight aerospace composite materials as they are high-performing resins that protect against harsh climates. These resins are used in the aerospace industry in the form of composites and coatings.
Based on region, the global specialty resins market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the global specialty resins market. It is followed by Europe. Increase in construction activities and rise in demand for vehicles in these regions are augmenting demand for specialty resins in Asia Pacific and Europe.
The report analyzes and forecasts the market for specialty resins at the global and regional levels. The market has been projected in terms of volume (tons) and revenue (US$ Mn) from 2017 to 2026. The study includes drivers and restraints of the global specialty resins market. It also covers the impact of these drivers and restraints on the demand for specialty resins during the forecast period. The report also highlights opportunities for expansion in the specialty resins market at the global and regional levels.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global specialty resins market. Porter’s five forces model for the specialty resins market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein end-user segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global specialty resins market by segmenting it in terms of resin, end-use, and region. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for specialty resins in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual end-user segments of the market in all regions.
The study includes profiles of major companies operating in the global specialty resins market. Key players profiled in the report are DowDuPont, BASF SE, Emerald Performance Materials, Arkema, Huntsman International LLC, Mexichem S.A.B. de C.V., Royal DSM, Aldex Chemical Company Limited, Radiant Color NV, International Speciality Chemicals Ltd, Purolite, Mitsubishi Chemical Corporation, and Thermax Limited. Market players have been profiled in terms of attributes such as company overview, business strategies, recent developments, and SWOT analysis.
The report provides the estimated market size of the global specialty resins market for 2017 and forecast for the next nine years. The size of the global specialty resins market has been provided in terms of revenue. Market numbers have been estimated based on resin, end-user, and region. Market size and forecast for each resin type and end-user segment have been provided for global and regional markets.
Global Specialty Resins Market – Resin Type Analysis
- Unsaturated Polyester Resins (UPR)
Global Specialty Resins Market – End-user Analysis
- Building & Construction
- Water Treatment
- Electrical & Electronics
Global Specialty Resins Market – Regional Analysis
- North America
- Latin America
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- The report provides extensive analysis of market trends from 2017 to 2026 in order to identify opportunities and market developments
- It provides comparative analysis of various end-users that use specialty resins
- The report also includes major production sites of specialty resins in North America, Europe, and Asia Pacific as well as a list of manufacturers
- It identifies key factors responsible to build the roadmap for upcoming opportunities for the specialty resins market at the global, regional, and country levels
- The report offers comprehensive analysis with respect to investments and regulatory scenario that would subsequently impact the outlook and forecast for the global specialty resins market between 2017 and 2026
- The report provides detailed competition landscape for key players dominating the market in order to understand competition level
- Porter’s five forces analysis and SWOT analysis to highlight the power of buyers and suppliers